Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the SeSa Group first half consolidated results as of October 31, 2021 conference call. As a reminder, all participants are in listen only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Ms. Conxi Palmero, Investor Relations Manager of SeSa. Please go ahead, madam.
Thank you. Good afternoon, and welcome to SeSa Group financial presentation regarding our first half consolidated results as of October 31, 2021. On behalf of SeSa, are participating myself, Investor Relations Manager of SeSa, and Alessandro Fabbroni, Group Chief Executive Officer. In the late morning, we made available our corporate presentation on our website, under investor relations section, that we can follow during the conference call. Today, our board approved first half consolidated results as of October 2021, reporting again an outstanding set of economic and financial results in each group sector with record operating cash flow. Alessandro Fabbroni will introduce the key points of the presentation.
Thank you, Conxi, and good afternoon, everybody, thanks for joining our conference call. In the first half, we reported again record industrial and financial results, again above our expectations and outperforming again our 10-year growth double-digit track record. On the industrial side, we reported relevant achievements in every group sector. We enlarged our set of over 30,000 customers. We developed our digital skills by achieving, by the end of 2021, the line of 4,000 employees, up over 20% year-on-year to support digital transformation of enterprises.
We set up successfully an accretive value generation new group sector as Business Services one, that in full year 2022 will achieve 500 employees and EUR 70 million revenues with a 12% EBITDA margin, targeting the line of EUR 100 million revenues and over 1,000 employees in the full year 2023. On the financial side, in the first half, we reported record economic and, in particular, cash flow results, with profitability growth rates much higher than our 30% increase achieved in the last two consecutive full years. Group revenue in the first half achieved a line of EUR 1 billion, up by 17% year-on-year with general improvement in any group sector, 15% increase in VAD, 18% improvement in system integration, and 23% growth in Business Services.
Group EBITDA reached EUR 73.3 million in the first half, up by about 40% with an EBITDA margin equal to 7.10%, up over 110 basis points compared to 6% of the last year, thanks to positive contribution again in each group sector. VAD EBITDA increased by 36% with an EBITDA margin that reached the line of 4.50% compared to 3.90% of the previous year. System Integration EBITDA was up by, again, 35% year-over-year, with an EBITDA margin equal to around 13% compared to 11.20% of the last twelve months, while Business Services EBITDA grew by about 130% with an EBITDA margin equal to about 12% compared to 6% of the last twelve months.
Bottom line, group adjusted earnings after taxes achieved the amount of EUR 36 million, up about 50% year-on-year, with EAT margin equal to around 3.5% compared to 2.70% of the previous year. Thanks to our growing focus on business application and recurring revenues, we reported in the first half also a strong improvement of our cash flow generation. We achieve an operating cash flow equal to about EUR 130 million over the last twelve months.
Our net financial position as of October 2021 was active, that means net liquidity and cash, for around EUR 170 million, with a strong improvement compared to about EUR 100 million as of October 2020, while net financial position reported net of about EUR 140 million of IFRS liabilities was active for around EUR 35 million, improving compared to around EUR 23 million as of October 2020. Reflecting the strong operating cash flow, about EUR 130 million in the last twelve months, net of EUR 100 million of investments, most of them referring to the M&As.
Considering the front of M&As, we continue to enlarge our perimeter of operation also through external lines, with 15 relevant M&As since January 2021 that contributed to about 50% of the first half growth at operating profit and in particular at EBITDA level, thanks to several relevant strategic new companies that we included in the scope of consolidation in all group sector in the first half. Now, Conxi will provide us some more details and updates on M&A programs that, as in the past also in that period under review, represented a relevant driver for our development growth.
Thank you, Alessandro. Yes, in the first half, we boosted our M&A investment, contributing 50% of operating profit growth in the period under review and confirming our strong capability to deliver quick and efficient integration of the companies acquired across all business sectors. Since January 2021, we closed 15 M&As, with contribution expected in fiscal 2022 equal to EUR 160 million of revenue with an EBITDA margin equal to 12% and onboarding 550 new employees. Among the main corporate acquisitions during the first half, in the value-added distribution sector, you may remember in May 2021, we acquired the majority stake of PM Service focused on digital green solutions.
After the acquisition date, this company is overperforming and targeting, joining with Service Technology, specialized on refurbished technology, annual revenue equal to EUR 100 million with 8% EBITDA margin, compared to 4.58% of value-added distribution sector average, targeting over 1,000 new customers in the fiscal year 2022. On September 2021, we also acquired the majority stake of Comit with a customer set of 2,500 business partners, an annual turnover of around EUR 50 million, with a EBITDA margin in line with that sector average, and coverage on mobile enabling technology and services. In Software and System Integration sector, on May 2021, we acquired the majority of stake of Cadlog Group, company with annual revenue equal to EUR 50 million, focused on digital engineering across Central Europe.
Including this deal, we reach a total perimeter in digital manufacturing of about EUR 50 million revenue with double-digit EBITDA margin and a pan-European 200 people organization. On November 2021, we acquired the majority stake of DataS, company operating in digital transformation, cloud and security solutions, with annual revenue of about EUR 15 million, enlarging our presence in South Tyrol and Middle European manufacturing district. DataS will contribute to our consolidated figures starting from the second half of the fiscal 2022. On the first half 2022, we expanded significantly the Business Services sector. From May 2021, we have started consolidating the three acquisition and digital platform, IFM Infomaster, Digital Storm and Tecnikè, adding combined revenue of over EUR 50 million at acquisition time with a EBITDA margin over 25% and over 100 skilled human resources.
Last week, we announced the two acquis`itions of Cite; and A-Class , companies with combined revenues of EUR 60 million and double-digit expected EBITDA margin, onboarding 40 human resources and boosting the business unit of security solutions for financial and utility sectors. Thanks to the quick and efficient integration of the last acquisitions, Business Services sector is targeting for the fiscal 2022 revenue equal to EUR 70 million with 12% EBITDA margin, involving over 500 human specialized resources, targeting the line of EUR 100 million revenue and 1,000 employees in the fiscal year 2023. We will continue to attract and combine on industrial basis M&A mid companies with skilled human resources and low acquisition costs.
Our historical entry value continues to be around 5x the EBITDA, with earn-out mechanisms and progressive residual stake acquisition to commit in the long term the key people on the target companies. As of today, we continue to work on a strong pipeline of M&As across all sectors with accretive EBITDA margin and long-term sustainable growth strategy. Now I give again the floor to Alessandro for his conclusions.
As Conxi explained, we continue to stay very focused on our M&A path. In the first half, we capitalize a very successful industrial strategy with relevant business achievements in each group sector. In particular, I underline the enlargement to digital green in VAD sector. The strong development of digital security and digital engineering in System Integration and the successful startup of new group sector of Business Services. We reported again record growth rates, that means growth rates absolutely higher than the 30% two-year growth of 2020 and 2021.
In particular, we underline as very positive result the trend in digital skills and human resources management we achieve by the end of the year, the line of 4,000 employees with about 500 new internal hires over the last 12 months, and the churn rate that continues to be under control around 5%. That means a positive performance despite a trend of growing mobility that is involving our information technology industry. We continue to work in order to extend our role of leading digital player for enterprises.
We reinforce our capability to attract skills, human resources, and we may benefit in the second half of the year from the start of consolidation of several new strategic companies in the Software and System Integration sector, Value Added Distribution sector, and also of the last two acquisitions, the company Citel and A-Class in Business Services sector. I underline again that this new Business Services sector now is targeting total annual revenues of about EUR 70 million with 12% EBITDA margin and with a target of over EUR 100 million with about 12% EBITDA margin in 2023.
Considering the very positive industrial performance that we achieved in the first half, our great capability to develop and to manage the size of operation and a strong pipeline of new potential M&As, today we confirm our positive guidance and outlook for the full year as of April 30, 2022. With about 13% year-on-year growth in revenues, that means a target of annual revenues equal to around EUR 2.3 billion and about 30% growth in operating profitability. That means a target of annual EBITDA equal to around EUR 165 million. Our main focus, I underline that remains the long-term industrial growth driven by skills and business application investments on the digital enabling trends to continue to outperform our double-digit growth track record, generating sustain-